15
Superannuation system
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Superannuation
(super) is a specifically designed long-term investment vehicle for
individuals' retirement savings. The retirement income system includes:
- a
compulsory element of super - the superannuation guarantee - which
requires employers to contribute a minimum level to their employees' super
accounts
- a
voluntary level of super encouraged by tax concessions and the
government's co-contribution scheme
- the
age pension and associated social security arrangements that provide an
income safety net for retirees.
The ATO plays
a major role in administering the compulsory and voluntary elements of the
super system. During the period covered by these statistics, the ATO has had
responsibility for:
- income
tax on super funds (reported in chapter 4)
- the
other income tax aspects of super
- the
superannuation guarantee
- the
superannuation holding accounts special account
- the
lost members register
- unclaimed
super monies
- departing
Australia
super payments
- the
regulation of self-managed super funds
- the
co-contributions system
- excess
contributions tax on individuals
- the
superannuation contributions surcharge
- the
termination payments surcharge
- the
temporary residents measure.
An increasing
number of Australians are directly affected by Australia's super system tax
regime. By 30 June 2011, there were:
- approximately
1.4 million registered employers
- 460,545
super funds
- $1.34
trillion in total assets held by super funds.
As at 30 June
2010, approximately 89% of employees had some form of super and there were
approximately 32.9 million member super accounts.
During the
2009-10 financial year, there were:
- $34.3
billion in member contributions
- $72.0
billion in employer contributions
- $60.4
billion in member benefit payments.
OVERVIEW
During the 2010-11
financial year:
- the
number of self-managed super funds grew by 7.7%, while the total value
of assets held by these funds grew by an estimated 11.9%
- there
were approximately 1.1 million co-contribution entitlements determined
and paid, totalling $679 million
- the
lost members register continued to grow, with the total value of lost
accounts increasing by 7.4% from $18.8 billion on 30 June 2010 to $20.2
billion on 30 June 2011.
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